American Bitcoin (NASDAQ:ABTC) Trading Down 5.5% – Here’s Why

American Bitcoin Corp. (NASDAQ:ABTC) traded down 5.5% during mid-day trading on Friday . The stock traded as low as $8.18 and last traded at $8.28. Approximately 306,563 shares were traded during trading, a decline of 73% from the average daily volume of 1,135,033 shares. The stock had previously closed at $8.76.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ABTC shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Maxim Group set a $15.00 target price on American Bitcoin and gave the company a “buy” rating in a research report on Tuesday, July 21st. Finally, Wall Street Zen cut American Bitcoin from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $45.00.

American Bitcoin Price Performance

The firm has a market capitalization of $562.17 million, a P/E ratio of -2.53 and a beta of 3.86. The company has a fifty day moving average of $7.33 and a 200 day moving average of $12.77.

American Bitcoin (NASDAQ:ABTC) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.80) earnings per share (EPS) for the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%.The business had revenue of $67.01 million for the quarter.

Insider Activity at American Bitcoin

In other news, Director Justin Mateen acquired 162,438 shares of American Bitcoin stock in a transaction dated Thursday, August 6th. The shares were purchased at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the transaction, the director owned 492,297 shares of the company’s stock, valued at $3,047,318.43. This trade represents a 49.24% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Solari Capital Management LLC purchased a new position in American Bitcoin during the third quarter valued at $317,612,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of American Bitcoin during the fourth quarter valued at approximately $5,285,000. Providence Capital Advisors LLC purchased a new position in American Bitcoin in the 4th quarter worth approximately $4,244,000. State Street Corp boosted its stake in American Bitcoin by 3,933.2% during the 4th quarter. State Street Corp now owns 2,392,690 shares of the company’s stock valued at $4,068,000 after purchasing an additional 2,333,365 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of American Bitcoin in the first quarter worth $1,589,000. 10.21% of the stock is currently owned by institutional investors.

American Bitcoin Company Profile

Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER.